Quotation system



May 28, 1940- H. F. MAY ET AL 2,202,392

' QUOTATION SYSTEM Original Filed Jan. 26, 1952 6 Sheets-Sheet 1 ROT- MAG.

STOCK NUMBER LOW DL LAST To OTHER BL AND D INVENTORS Hamldl'Magym Frazz'erd J'Zra n ATTORN EYS May 28, 1940. H. F. MAY -r AL 2,202,392

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HOR\Z. MAG.

INVENTORS Frazier 0 fitrwilwz wand 1- ATTORNEYS May 28, .1940. H, F, MAY Er A 2,202,392

QUOTATION SYSTEM Original Filed Jan. 26, 1932 16 Sheets-Sfieet 4 N VENTO RS Haraldl'May fiazier 0 Slrallou I I'- M ATTORN YS Yz BSTPUAA (FIG-6) TO WIPE. OUT SENDER May 28, 1940.

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\ QUOTATION SYSTEM Original Filed Jan. 26; 1932 16 Sheets-Sheet 6 TO REGISTERS XY Z B$TPU'A A" INVENTORS llaroldEMay fiazierQJ'fiahm and. M 714...! I TTORNEYS May 28, 1940. I Q MAY ET AL I 2,202,392

' quoru rxon SYSTEM Original Filed Jan. 2a, 1932 I 16 Sheets-Sheet 1 USN T0 SENDER HSN INVENTORS aroldEMay Z'Wazfldflrdfwz Wm M M AITTORLNEYS Y May 28, 194o.' H, F, M' Y H A 2,202,392

QUOTATION sys'rsu Original Filed Jan'. 26, 1932 .1e Sheets-Sheet a INVENTORS May 28, 1940.

H. F. MAY ET AL quo'mxou sts'ruu Original Filed Jan. 26, 1952 16 Sheets-Sheet 9 @Wiv UM M t m A'ITORNEYS TO ssLtcron May 218 1940.' H, F, AY M 2,202,392

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QUOTATION sYsm Original Filed Jan. 26, 1932 16 Sheets-Sheet 12 Q INVENTORS ffai'oldlflfay f" Frazwrd'zmm k L i ATTORNEYS (FIGJI) May 28, 1940. H. F. MAY El AL I 3 QUOTATION SYSTEM Original Filed Jan. 26, 1932 16 Shets-Sheet 1s INVENTORS flaroMK/Ifay FMZWQLWIZ M w 'ATTRNEYS QUOTATION SYSTEM v Original Filed Jan. .26, 1932 1a Sheets-Sheet 1.4

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H. F. MAY :r-fr AL QUOTATION 's-xs'rnu Original Filed Jan. 26, 1932 16 Sheets-Sheet 15 GQUE ggb , am T w m MHMJA M (news) My 28, 1940- H. F. MAY AL 2,

' w QUOTATION sYsuu r 1 briginal Filed Jan. 26, 1932 .16 Sizi'et's-Shoet 16 INVENTORS I 4 w 'ATTOQNEYS Patented May 28, 1940 UNITED STATES 2,202,392 QUOTATION SYSTEM Harold F. May, Valley Stream, and Frazier 0.

Stratton, New York, N. leleregister Corporation, New York, N. Y., a

Y., asslgnors to The corporation of Delaware.

Application January 26, 1932, Serial No. 588,914 Renewed September 28, 1938 15 claims. (or. 117-453) This invention relates to a system for supplying quotations to various subscribers.

Among the objects of this invention is the provision of mechanism by means of which any one of a large number of subscribers may electrically transmit his request for the price quotations on any desired item to the one of a plurality of central transmitting operators who is assigned to transmit information in reference to the item requested, and the provision of mechanism whereby such Operator may transmit electrically to indicating means located in the subscriber's ofllce the designation of the item and the price quotations relating to such item.

Another object of this invention is the provision of mechanism in a system of this character for automatically transmitting back to the subscriber the designation of the item in reference to which information has been requested and also the information requested.

Another object of this invention is the provision of mechanism at a central information:

bureau by means of which information requested may be transmitted to the calling subscriber under the control of a manually controlled setup device, or automatically under the control of an available record of the information desired.

Other objects of the invention include the provision of mechanism whereby any one of the plurality of subscribers on the same line will receive a signal when the line is used by other sub.- scribers; the provision of means whereby any subscriber of a group of subscribers on the same line is prevented from using his equipment while another subscriber is using his equipment; the provision of means for indicating to the calling subscriber that the mechanism is in condition for receiving his request; the provision of a wire center for connecting the calling subscribers lines through to the central information bureau;

mechanism in the central information bureau for displaying on indicators the designation of the item in reference to which information is re- 4 quested; mechanism for setting up such indication in the operators position who is assigned ="to transmit information in reference to such item requested; mechanism for automatically connecting the subscriber's item designation indicators to the subscriber's lines and for transmitting pulses to restore the item designation indicators to normal; mechanism for connecting the subscribers lines to his group of price indicators successively and for transmitting pulses to restore said price indicators to normal; mechanism for signalling to the operator assigned to transmit information as to the item requested,v to indicate that the subscriber's indicators have been restored to normal; a key set equipment upon which information as to the item designation and the prices may be set up; a transmitting mechanism for transmitting impulses over the subscriber's lines to the various indicators successively group by group under control of, the key set-up; mechanism for automatically controlling the transmission of impulses to one of the stock number indicators; mechanism for automatically restoring the operators indicators to normal ;'mechalays, which in turn control the setting-up opera-' tion of the indicators in the subscribers equipment, as the selected indicators in the central information bureau are moved from their normal position to their previous set-up position; means in the central information bureau forinterrupting the operation of the storage relays and restoring them to normal when such indicators are selected to receive a new set-up; and improved means for controlling the proper cooperation of various mechanisms which this system comprises.

Otherobjects of the invention will appear from the following description taken in connection with the drawings, in which Fig. 1 shows a subscriber's equipment;

Fig. 2 shows line relay and line finder equipment at the wire center;

Fig. 3 shows the selector equipment at the central information bureau;

controlled thereby and a transmission mechanism operable under control of the keyboard;

Figs. 10, ll, 12, l3, 14, 15 and 16 show the automatic sender which includes mechanism for selecting any desired stock and for automatically in Fig. 11, and the transmitting mechanism in Fig. 14;

Fig. 11 shows the stock selector mechanism and a stock selection gang relay;

Fig. 12 shows the checkboard indicator pulsing mechanism and means for controlling the operation of the storage relays in Figs. 14, 15 and 16;

Fig. 13 shows a group of indicators and operating circuits together with selecting and releasing devices;

Fig. 14 shows the hundreds and tens stock number storage relays and a part of the automatic transmission mechanism; and

Figs. 15 and 16 show the open, high, low and last storage relays and a part of the automatic transmission mechanism.

The drawings disclose a preferred embodiment of the invention for purposes of illustration only. as it is obvious that various changes could be made and that different elements, or groups of elements, of the combination could be changed or could be replaced by equivalent mechanisms, and that the system could be used for transmitting information of any desired character. For the purpose of disclosure, however, the system will be referred to as a system for transmitting to any calling subscriber the designation of the stock with reference to which a call was made and the various prices of the stock such as the open, high, low and last prices. A key controlled transmitting mechanism has been shown in the central information bureau, as well as an automatic transmission mechanism which is under the control of indicators of a checkboard, or the like. Either one of these mechanisms may be used alone, or the two may be used in combination as found desirable. Various other features especially applicable .to transmission of stock quotations in the general system disclosed have been shown as preferred forms and mechanisms for performing their functions. For the purpose of disclosure of the invention the quotation system comprising the mechanisms shown in the drawings will be described specifically, and after understanding the single embodiment disclosed the invention in its broader aspects will also be understood and other uses to which this system and various features thereof are applicable will become apparent to those skilled in the arts to which such systems and features are applicable.

The following is a description of a preferred system and combination of mechanisms'for securing stock prices from a central information bureau through the medium of indicator units which respond to electrical impulses sent out from this bureau. Stock prices are requested-by dialing a code 'number upon a telephone type dial associated with groups of indicators in the subscribers equipment. Two wires connect the indicators and auxiliary equipment, shown in Fig. 1, to a wire center, Fig. 2, including line finder equipment. By the use of the line finder equipment economy in the numberof wires connecting the central information bureau to the various subscribers, is secured.

Upon the origination of a call by a subscriber, the line finder equipment functions to connect transmitting impulses to operate the calling subthe calling subscriber to a trunk circuit extending to the central information bureau. The other end of this trunk circuit terminates on selector equipment shown in Fig. 3, which receives the first digit dialed by the subscriber. The selector consists of a two motion switch which after rising to a level corresponding to the first digit dialed, automatically rotates until it is connected to an idle register, Figs. 4 or 5, or to an automatic transmitter, Figs. 10 to16. Depending upon the first digit dialed, the idle register awaits further dialing or immediately proceeds to blank out the subscriber's equipment. The later occurs when zero is dialed.

The register equipment shown in Fig. 4, or .the automatic transmitter equipment, Figs. 10 to 16, receives the next digits dialed by the subscriber. The indicator units shown in Fig. 4 are located in front of an operator. The operator has access to the keyboard of a transmitter shown in Figs. 7 to 9. The next three digits dialed by the subscriber actuate the indicator units, thereby displaying before the operator the code number of the stock upon which a price is desired. The operator may now set up the code number and prices of the stock on the keyboard. Following the completion of dialing, the subscribers equipment is connected to a wipe-out sender, Fig. 5, which blanks out any-previous display on the subscriber's indicators. Uponcompletion of the wiping-out process the operator receives a signal notifying her that the subscriber's equipment is ready to receive the code number and prices of the stock which have been set up on the keyboardassociated with her transmitter.

Upon depression of the start key shown on Fig. 8, the transmitter functions to send out trains of impulses representing the code number of the stock on which information has been requested, and the "open," highfi' low and last prices of that stock. When the transmission is completed the subscriber's equipment is automatically disconnected and the intermediate equipment restores to normal. If the subscriber has dialed zero, the equipment is connected to a register shown in Fig. 5 instead of that shown in Fig. 4. This register begins wiping out the previous display on the subscriber's equipment immediately following the dialing of the first digit, which is zero in this case. After completing the wiping-out process the subscribers equipment is disconnected and the intermediate equipment released.

Certain of the levels on the bank of the selector switch, Fig. 3, may be assigned to automatic transmitters which function to send back the price requested without the intervention of an operator. The prices to be transmitted are displayed in this system on a Teleregister board similar to that supplied to regular brokerage oflices. The automatic transmitter, Figs, 10 to 16, receives the last two digits of the stock number dialed by the subscriber, and selects the stock on the checkboard corresponding to the code number dialed by the subscriber. The automatic transmitter, through a process described later, takes the prices from the indicators and performs an operation equivalent to depressing the keys on a regular transmitter. When the complete prices have been taken from the indicators the automatic transmitter sends out trains of impulses which cause the subscribers equipment to display the stock number, and the open, high," low" and last prices of that stock. Following the transmission, the subscriber's equipment is disconnected and all intermediate ing path: ground through contact 2 of relay D,

through the lamp BL, to battery. It also connects ground to the normal contacts 3 of all other D relays in subscribers sets connected to the' same subscribers line and lights the busy lamps in these sets. This ground servesto hold the other D relays short-circuited so that no other subscriber can interfere with the call in progress. The operation of relay D also energizes the biasing windings b of the relays A, A+, B- and 3+, over its contact 4. The operation of relay D also prepares a path over its contact 3 for shortcircuiting relay D, should the subscriber desire to abandon the call before completion. The relay D may be short-circuited and released by pressing the key EK which forms a path for ground through the contact of the EK key, through contact 3 of relay D, to the battery side of the winding of relay D. This diverts the current normally going through the coil of relay D causing the relay to release. The operation of relay D also connects groun through the line windings I of relays A, A+,

B- and 3+ to their respective lines A and B. The circuit of. line A is through the I windings of relays A and A+,- through contact 5 of relay D, to ground. The circuit of line B is through the I windings of relays B and B+, through the P contact of the dial, through contact 5 of relay D,

, to ground. The connecting of ground through .the line relays B.- and 3+ to line B sets, into opground at, the subscribers premises. The operation of relay .L-I connects ground through contact I of L--I, through normal contact I of CO*--I, through normal contact 2 of relay B, through normal contact 3 of relay ST, to the winding of relay SR, thereby operating it. The operation of relay L-I has also removed ground from the associated contact on bank C of every line finder. The various line finder switches are resting upon the contact last used by that switch,

that is, the line finder switches have no normal position.

The operation of relay SR connects bank wiper MM through contact 2 of relay SR to bank wiper S. The bank wipers just mentioned are resting on terminals connected to the first idle line find er, and as each line finder functions the wipers step to the next idle finder in the position shown in Fig. 2. The first line finder rotarymagnet RM-'I is connected through a self interrupting contact I through bank MM, through contact 2 cuited.

of relay SR, through bank contact S, through normal contact I of relay CII, to the wiper of bank CI. All the terminals of bank C --I, with the exception of those terminals associated with subscribers originating calls at that instant, are grounded over contact 2 of the L relays. The

ground thus supplied to the rotary magnet of the first-line finder switch causes it to buzz around until its wiper encounters a non-grounded terminal. In this position wipers A and B, which are on the same shaft as wiper C, are connected to lines A- and B of the calling subscriber. In Fig. 2 no buzzing would be necessary as the first line finder is shown in the proper position for picking up the line associated with relay LI The operation of relay SR, previously inentioned, also connected ground through normal contact 2 of relay ST, through contact I of relay SR, to the winding of relay D. However, the ground from the terminals on bank CI which is connected through contact 2 of relay SRtothe other side of relay D has kept relay D short-cir- When wiper CI encounters a nongrounded terminal, relay D operates; the path is from battery through the-winding of therotary magnet RMI of the first line finder switch, over contact I of the rotary magnet RMI, through bank MM, through the winding of relay D,

through contact I of relay SR, to ground on the normal contact 2 of relay ST. The operation of relay D closes'a circuit from ground on the normal contact 2 of relay ST, through contact I of relay D, to the winding of relay B, operating relay B. Relay B extends this ground through its contact I, through contact 3 of relay SR, to the winding of the rotary magnet RMMS. This operates the rotary magnet RMMS. However, the operation of relay B removed the ground through normal contact 2 of relayB, through normal con-' tact 3 of relay ST, from the winding of the SR relay. The SR. relay releases, and in releasing deenergizes the rotary magnet RMMS causing the switch to step to the next line finder terminal. If it so happens that the next terminal on bank BT of the switch is connected to a line finder which is still busy, a ground coming back from the selector over lead C is connected throughthe wiper BT, through contact I of relay B, through -the normal contact'3 of relay SR, through the self-interrupting contact I of the rotary magnet RMMS, to the winding of the rotary magnet. This causes the rotary magnet RMMS to buzz the switch around until an idle line finder is i found. However, before the rotary switch steps to the next idle line finder the ground from' normal ,contact 2 of relay ST, through contact I of relay D, through bank BT, operates relay CII, The operation of relay CI-I connects lines A and B through the wipers A and B, through contacts 3 and 2 of relay CII to lines A and B from the wire center to the central information bureau. The operation of relay CI--I also connects ground through contact I of relay CII to the terminal on bank CI upon which the first line finder is resting. This is to insure that The operation of relay QO-I remoyes lthe starting ground previously furnished through contact I of relay L-I. The operation of relay CII, also closes a portion of a series circuit through contact 4 so that when all line finders are busy ground will be connected through contact I of relay CI of the last line finder, through contacts 4 on all other CI relays, to operate relay ST. The operation of relay ST prevents the master switch for hunting continually since the operation of relay ST removes ground from the last contact of bank BT, causing the relay 3 to release and open the operating circuit for the rotary magnet RM-MS. As soon as one of the line finders becomes idle relay ST releases angl the master switch will hunt for the idle line finder.

Throughout the duration of the call the folthe subscriber's equipment, Fig. 1, which connects battery through contact I, to thelamp DL. The lighting of lamp DL is an indication to the subscriber that the equipment is ready to receive his dialing.

Referring to Fig. 3, the operation of relay B has operated relay G through contact I of relay B. The operation of relay G has connected ground through contact I of relay G, to lead C, which holds relay CII, operated in the first line finder, Fig. 2. The subscriber now dials, and it should be noted that during the operation of dialing. the ON'contact on the dial short-circuits the relays B- and 3+ so that the path for dialing is ground through contact of relay D, through the P contact of the dial, through the ON contact of the dial, through normal contact 2 of relay C, over line B and the line finder equipment, Fig. 2, to the selector equipment, Fig. 3. The operation of the dial interrupts this ground circuit causing relay B in the selector, Fig. 3, to release a number of times corresponding to the digit dialed. Each time that relay B releases a path is completed for the operation of the vertical magnet Vert. Mag. in the selector. The path is through normal contact I of relay B, through contact 3 of relay G which does not release because of its slow releasing characteristic, through the winding of the V relay, over the winding of the vertical magnet, to battery and ground.

The vertical magnet causes the brushes A, B, C and D (BR) to rise one level for each impulse received. As the pulses energize the vertical magnet, relay V, which is also slow releasing, operates and holds up throughout the dialing of the first digit. As soon as the brushes take their first vertical step and the contacts designated ONI and ON2 close, ground through contact I of relay V operates relay E which looks up through the normal contact I of the horizontal magnet, through contact 2 of relay E, to ground. When the pulses cease relay V releases closing a path for ground through the normal contact I of relay V, through contact I of relay E, over the winding of the horizontal magnet Horiz. Mag., to battery and ground. This energizes the horizontal magnet causing the brushes ta step to the first group of terminals in the level chosen. The operation or the horizontal magnet also releases relay E which in turn deenergizes the horizontal magnet. v

If, however, the first group oi. terminals is busy, terminal C in this group will be grounded. This ground willbe fed back through normal contact 4 of relay CI, through 0N-I contact, to reoperate relay E. Reoperating relay E causes the horizontal magnet to be reenergized so that the wipers step to the next group of terminals. It should be noted that relay E will not operate' in series with relay CI. During this hunting operation direct ground on bank terminal C has kept relay CI short-circuited,-but upon completion of the hunting, relay CI operates in series with relay E, the path being battery through the winding of relay E, through ON-I contact, through the winding of relay CI, to ground. The operation of relay CIconnects ground through its contact 4, through brush C, to the terminal C, upon which the brushes are resting.

As these terminals are multipled to similar switches in other selectors, this insures that no first level to the RLS relay so that when relay CI operates ground will be connected through brush C, through terminal C, to operate the release relay. The release relay locks up through 0N2 contacts and holds ground on the winding of the release magnet Rel. Mag. until ON-2 opens indicating that the switch has restored to normal. The subscriber may dial one for the digit repeatedly without affecting the equipment in any way, but upon dialing any other digit the equipment will function in the manner described above. p

Upon operating the relay CI groundis connected from contact 2 of relay G, through normal contact 3 of relay H, through contact 3 of relay CI, to hold relay B operated over winding b. The following relays remain operated throughout the duration of the call: relays B, G and CI. The operation of relay CI extends leads A and B from the subscriber's equipment to a register, Fig. 4. The ground on leadB operates relay B in the register over a path from the subscriber's premises through the line finder and selector equipment, through normal contact 2 of relay M in the register, through normal contact 2 of relay J, through the winding of relay B, to positive battery. I

' The operation of relay B operates relay G from battery through normal contact 4 of relay M, through the normal contact 4 of relay J, through contact I of relay B, to the winding of relay G. The operation of relay G in closing its contact 2, lights lamp RL indicating to the operator that a call is in progress. The subscriber now dials the remaining three digits of a stock number causing the B relay to release a number of times corresponding to the digits dialed. Each time theB relay releases relay F is energized and remains operated throughout each series 01' pulses. The operating circuit for relay F is from battery, over contact 2 of relay G, back contact 2 of relay B, and the winding of relay F, to ground. The operation of relay F operates relay I from battery, through contact 2 of relay G, through contact I of relay F, through normal 

